Shareholders of Dangote Cement on Tuesday, December 13, 2022 authorised the management of the company to undertake a share buyback of up to 10 per cent of its issued shares.

The company had earlier indicated an interest in undergoing a share buyback programme for the purpose of improving the company’s return on equity and its shareholders’ value, so as to facilitate the future long-term growth of the company.

The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos recorded a 100 per cent approval from the shareholders.

Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

The Shareholders had at the company’s recent 13th Annual General Meeting (AGM) approved dividend of N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year.

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Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion.

Also, the company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.

Speaking on the result, Chairman of the company, Aliko Dangote, said the cement company has recorded exponential growth across all areas.

According to him, “Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders.”

The Star